Richard Day – Loan Officer/Renovation Specialist
It was the Fall of 1988 that I transitioned from pursuing a career in appraising to lending. After a few years of originating mortgages, a real estate agent I worked with regularly, asked “do you offer 203K loans”, to which I replied “I’ve heard of those”. My first renovation mortgage, an FHA 203K loan, closed in Fall 1991. By the time I left Baltimore and relocated to Richmond in 1997, I was averaging over 65 203K’s a year, along with around 200 regular loans. Upon moving, and taking on a management role, but still originating, I decided to focus solely on renovation lending. As a Regional Renovation Manager, we tripled renovation volume in my region in just three years.
After the birth of my first son, Liam, in 2001, I decide to resign from that position so travel would not interfere with precious time watching him and in Spring of 2003, his younger brother Luke, grow up. It was one of the best decisions I have ever made.
Since then, I have originated a mix of renovation mortgages and regular, non-reno loans. Now that Liam is out of college and working in the Peace Corp and Luke has a couple of years to go with his degree in psychology, I am focusing on keeping business as healthy as possible, as I enjoy lending very much.
I was and am drawn to renovation lending, because I love older housing. Not all the loans I close are “old or historic” homes, in fact sometimes the homes we finance are less than a decade in age. I truly get a kick out of every borrowers story and what they do to their homes, whether it is just system upgrades, additions or complete gut job redo’s. Admittedly I find the renovations to historic houses the most exciting. Once I closed a renovation loan for an artist that purchased a surplused Baltimore City fire house. She kept the pole! What I like though is secondary to what is important to you, the borrower. It is always my goal that the vision you have etched in your mind comes to fruition and I hope we can help make that journey as seamless and rewarding as possible.
In addition to having closed thousands of loans, I have been a borrower on four renovation transactions for myself personally. Unlike most loan officers that do this business, I have the added perspective of a borrower. I have hired, and fired contractors, dealt with surprises during the renovation, applied for tax abatements and historic tax credits, and have even had a blower door test as part of an energy efficiency mortgage (EEM). So never hesitate to call me and pick my brain, and I will gladly answer all your questions.
In my personal time, I play squash, the sport (voted the healthiest sport by Forbes Magazine); listen to my over 3,500 vinyl record collection, and my over 8,000 (and growing) Spotify playlist; manage my historic rental property (yes did a reno loan for that); cook; make salsa; read (mostly non-fiction) and ride my BMW motorcycle and Lambretta scooter; and spend as much time with my sons and girlfriend Beth as I can, as they are my life.
Happy borrowing and happy renovating!